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9

Tenure, Permitting and Project Location

Tenure

Greenland Minerals and Energy Ltd (ABN 85 118 463 004) is a company listed on the Australian

Securities Exchange

.

The

Company has conduct extensive exploration and evaluation of license

EL2010/02. The Company controls 100% of EL2010/02 through its Greenlandic subsidiary.

The tenement is classified as being for the exploration of minerals. The project hosts significant uranium,

rare earth element, and zinc mineral resources (JORC-code compliant) within the northern Ilimaussaq

Intrusive Complex.

Historically the Kvanefjeld deposit, which comprises just a small portion of the Ilimaussaq Complex, was

investigated by the Danish Authorities. GMEL has since identified a resource base of greater than 1

billion tonnes, including the identification and delineation of two additional deposits. The Company has

conducted extensive metallurgical and process development studies, including large scale pilot plant

operations.

Permitting

Greenland Minerals and Energy Limited is permitted to conduct all exploration activities and feasibility

studies for the Kvanefjeld REE-uranium project. The company’s exploration license is inclusive of all

economic components including uranium and REEs.

A pre-feasibility study was completed in 2012, and a comprehensive feasibility study completed in 2015.

A mining license application was handed over to the Greenland Government in December 2015, which

addresses an initial development strategy. The project offers further development opportunities owing

to the extensive mineral resources.

Location

The exploration lease covers an area of 80km

2

in Nakkaalaaq North on the southwest coast of

Greenland. The project is located around 46° 00’W and 60 55’N.

The town of Narsaq is located approximately 8 kilometres to the south west of the license area. Narsaq

is connected to Narsarsuaq International Airport by commercial helicopter flights operated by Air

Greenland. Local transport between settlements is either by boat or by helicopter.

The Company has office facilities in Narsaq where storage, maintenance, core processing, and

exploration activities are managed. This office supports the operational camp located on the Kvanefjeld

Plateau above the town where the operational staff are housed.

Access to the Kvanefjeld plateau (at approximately 500m asl) is generally gained by helicopter assistance

from the operations base located on the edge of the town of Narsaq. It is possible to access the base of

the plateau by vehicle and then up to the plateau by a track.